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From the April-15, 2009 issue of Credit Union Times Magazine • Subscribe!
Mass. Bill To Cap Interchange
A state lawmaker in Massachusetts has filed a legislative measure to cap card interchange in the state, according to media reports.
State Rep. Joseph Driscoll has filed a bill that would cap the interchange rate for all cards at 0.75%.
"This bill looks after consumers and their families by returning equity to them," Driscoll as quoted as saying. "Placing half a billion dollars back in the hands of those people who have earned it would benefit Massachusetts in a fundamental way. That is what I call economic stimulus."
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